Next Federal Election
With the current crew it feels more like Brumby into Baillieu. Can't see anyone like Kennett around, it's all ambitious young libs or old careerist drunks. Allen is no Kirner either. That said, I'm all for limits to tenure, one thing the US system has in its favour.
Project Gina 25 , that’s a scary thought . https://x.com/simonahac/status/1860518057325588894?s=46
Nice to see some groups standing up to spud the dud and his dill brain farts . https://israelandpalestine.org/opposition-leader-peter-dutton-faces-grou...
Nice job AlboSLEEEZY
Wow, the ABC reporting actually whats happening in Australia.
Supafreak wrote:Nice to see some groups standing up to spud the dud and his dill brain farts . https://israelandpalestine.org/opposition-leader-peter-dutton-faces-grou...
Good luck to them.
Dutton really is a piece of work....
Can't say anyone should be surprised at this, there is decades long information out there about how devious/dodgy Adani is and how fragile his company(ies) balance sheets are. Stand by for the good ole boys of FNQ politics to start calling for taxpayer's $$ to bail out that disgraceful coal mine ..... can't say you weren't warned
https://www.abc.net.au/news/2024-11-22/adani-explainer-gautam-alleged-br...
GuySmiley wrote:Can't say anyone should be surprised at this, there is decades long information out there about how devious/dodgy Adani is and how fragile his company(ies) balance sheets are. Stand by for the good ole boys of FNQ politics to start calling for taxpayer's $$ to bail out that disgraceful coal mine ..... can't say you weren't warned
https://www.abc.net.au/news/2024-11-22/adani-explainer-gautam-alleged-br...
GuySmiley. Hi mate. The other side of this prick is he’s been a gross environmental fucker.
He once said that we should just dig all minerals and clear any vegetation that’s in the road of making a profit.
I can’t believe Governments globally, including ours, fall for these kinds of people spin.
.Hope he gets everything thats coming his way from a legal context. AW
Hey @aw, yep and smog levels in many Indian cities are currently 100s of times higher than recommended, remember this cunning stunt?
On good environmental news watch the latest wins on Lord Howe Island, real wins on the board, hope to get therr finally next year ….
^^ lord howe island
https://www.abc.net.au/news/2024-11-22/environmental-recovery-on-lord-ho...
GuySmiley wrote:^^ lord howe island
https://www.abc.net.au/news/2024-11-22/environmental-recovery-on-lord-ho...
GuySmiley.. Hi mate.
Thanks for that post. It’s enlightening news. Myself and others have followed the biological progress post rodent eradication.
Now if we can only stop the massive amounts of sea current borne plastics from entering the mouths of birds around Lord Howe, I’ll be a very happy man. AW
^^ :(
The full movie is available online but I can’t watch it anymore … it’s too depressing
https://m.
fark, nice one @Guy, (2000 miles from anywhere.. how gross), but a positive, friends and I call it 'that cove thing' after the disgusting/necessary dolphin film: this stuff is going on, regardless of our knowing about it or not. Watching a film about it means many people are being made aware. Good. Utterly horrific.
^^ didn’t Hans Zimmerman do the musical score for The Cove @b6?, saw it years ago, another film you can’t unsee :(
GuySmiley wrote:^^ didn’t Hans Zimmerman do the musical score for The Cove @b6?, saw it years ago, another film you can’t unsee :(
did he? I was too busy being traumatised, got it on dvd here somewhere, not sure I could do it again.. found this factoid on the wikipedia, to doff the cap to this thread being about aussie pollie stuff..
"In August 2009, after the screening of the film in Sydney, Melbourne, and Brisbane film festivals, the councillors of the Shire of Broome, Western Australia, voted unanimously to suspend its sister city relationship with the Japanese whaling port town of Taiji, as long as the latter continues its dolphin slaughter.[38][39][40] This decision was reversed that October, less than two months later.[41]"
Everyone was better off before GST killed off Straya!
Oz 2000-2024 (GST Oz % rise obliteration) Note Peak decay 2000-2007 + 2nd Peak% Covid Era)
12,782% Govt Debt Rise
1,402% Made in China
506.4% External Debt
361.5% Military Spend
237% Fuel
159.4% House Price Rises
155.3% Utilities
148.3% Tourism Accom
112.9% Chain Price Rise
95.2% Core Consumer Price Rise
92.3% Labour Costs
84% Transport Costs
77.94% Household Debt / GDP [WR]
45%-53% Income Tax (Bracket Creep)
40.89% Extra Seachange Population (East Coast now Sinking)
37.4% Import Price Rises
1%-50% Car rego LCT/FBT/ET/IT/CF/QF/DF/TF/SD/GST/LPF/MVD/LPF/DLF/PF/CT/BT//AT/FE/SC/RLC/DD.
Think yer all familiar with GST was gonna man up & wipe out that Big Bully Tax Plague ...(Cough!)
Fair Dinkum Oz core meltdown
65% > 10% Agricultural (Export)
25% > 10% Services Industry
20% > 7% Manufacturing (Export)
15.9% > 13.4% GST Windfall blocked the wind in our sails > Keep falling off the e bay map.
36% > 30% Corp Tax Rate > (31% or 1200 Corps Now pay 0% Tax)
69% > 64% State School Kids (o/s influx caters for multi religious schools)
20% > 7% Child Slave Labour vanishing + 16% too old for Cashies = Mandated GST Girl Fridays
#60- #93 Economy Complexity (Howard's GST decimation of unionized manufacturing sector)
66.48 > 52.15 per 1m new Hospitals now slowing to a halt...
90% -22% Fed's Nat Hwy share Cop out = Oz WR #1 City Tolls
98% > 84% Voters (Can't recall No GST being a Howard Core promise)
Make Believe WMD = WAR ? Executive Lie always overrides yer Vote!
Don't Know Vote LNP = Promise to Always make ya worse off?
Q : How did GST kill off Oz
A : Large Tax was poorly timed with Cargo Cult mentality...last cab off the e bay Rank...Oz froze over.
As a result the GST take drops 0.1% each year offset by 3x 0.3% Income Tax rise each year!
We all know that Howard's GST Abolition of Trade Unions was not a Core Promise!
Oz = World's Backwater Door Mat fast relegated to #93 Banana Republic after 10yrs of GST.
https://atlas.cid.harvard.edu/rankings
Ok! So how is it now too taxing for Oz to rub 2 sticks together!
GST service component self penalizes growing needs across a vast enormous isolated Island.
Howard Zhooshed his Bro's Gay Textiles while killing off The Great Aussie Dream of Cars eating Oz!
Fed Hwy 90-10 funding > Now with GST Howard dropped Nation Building obligation to 22%
Aug 2007 Maquarie Bank : "Net funding from Canberra to states had plunged to a 30 year low
Gold Coast motorists bankrolled Howard $3bn > got $210m for Hwy works 2001-08 ...all heart mate!
https://en.wikipedia.org/wiki/Tugun_Bypass
(State Govt $545m in 2007 alone)
60% NSW [M1] Border Upgrade NSW Libs $0 + Howard $120m + Qld $423m ($380m in NSW)
Govt Fed Pacific Way [M1] allocation had dropped from 90% > 22% under Howard's GST
Howard's GST was a failure > Cost him Govt & his Seat...Bye Bye #1 Cheap arse Lying Lib Coward!
Oz self mandates upscaling 10% impost for each reimagined rendition of same shit...Suck it all Up!
Not exactly rocket science to Tradies but Economists will never set foot on a work site.."It's too muddy!"
How could LNP not see that Isolated Oz would self entomb and implode being ankle chained to GST.
EU/Asian/US Grid command lashings of freedom of choice snouts in trough commodity options.
More than enough to wipe off any 5-25% Sales Tax > just grab a cheaper choice of any 1,000 others!
Backwater Oz can't afford such Bypass Luxury & gets roasted by every increasing GST storage delays
Oz cops GST impound tariff ticking away for holding a $1m Mouldy grain of Rice.
tbb ran thru Data comparisons of Highest Household Debt + Largest drop in Complexity
Bizarre to See Canada / Oz the 2 constant 2100 Giant Migrant Heroes being #1/ #2 Zombie enclaves...
Just don't cut'n'paste anything for Godz Sake...please don't sharpen a pencil...you'll start a fire.
Basically Northern Grid Behemoths order a war if 1m car orders are delayed by 1 hour...
Meanwhile Oz pray for one Model T each Year & cop a raw prawn or some bunfight 3 years later.
That's the Elephant in the Room...no amount of Voting or Tax reform can change that...only Bribes!
tbb kept running thru data > Highest Household Debt / largest drop in Complexity..
And Large isolated countries kept lighting up..all roads lead to Shopcart shipping delays.
World Bank Shipping Rank is very serious with double digit points..but tbb did find major Oz anomaly.
#3 International Rank ramped Chinese Import/ Export to free up supply chain GFC impost.
Nation.....Rank Customs Infras inter Logistic Track Time
Oz Peaks.#16.......#22......#22....#3*.....#21.......#20...#17
Oz 2023..#20.......#17......#17...#49.....#14.......#11...#44
Ok...All see Oz run a tight ship but falling way too fast off the Shipping Map!
Again repeating that the faster the North Conglomerate grows the faster ebay GST Oz gets relegated.
Nope! Don't matter how shit hot our Hubs are...we are not in the www Fast Lane & never will be!
Q : Anomaly rank #3 on o/s Big Boyz Cargo Timetable (When / How / Why is that!)
2008-2011 (#3) record Oz bump in Chinese Export/Import (Why!) PM Rudd speaks the Language!
https://tradingeconomics.com/australia/exports/china
Just saying Voting GST / LNP / Stopping Boats mean shit all on World Stage...
Freeing the Boats is the Miracle...Rudd waved his wand to kick start GFC recovery (Got it!)
Soon after back in our dreary dank LNP GST hold #49 Rank as usual.
tbb is also verifying his research Data matches up perfectly to Way of The World Logistics.
Very few dig this deep...but there it is #1 swellnet PM GFC exclusive...all accounted for!
Never went looking for that exactly but ...Yes! Of course knew it would match to GFC China PM Rudd.
Simply dug it out to show greater powers at play that no economists ever trip over...Bingo!
Only Kev can Start our Cargo Boats + #1 Advisor on 3 First Nation Apologies for Oz / Canada / US...
Ya Ain't gonna hear about that outside of VJ's NFE nor on Goldie nor in Qld...our secret! Shh!
Can also see 5 year gap in Covid Data...Chart is fair Dinkum...
Admittedly tricky to read at first but someone goes to great lengths to tabulate World Pecking order!
So how do we break these Chains to flow our economy to wake up our Dying near dead GST.
Should we admit to being that Horrid Hell Hole carbuncle South Pacific Mission.
Just so Oz is best placed to punch above it's weight again like Ruddy! (But How!)
By redesigning role model Ebay City hubs that up value the Ebay supply Chain...
Meaning Oz should prioritize & exploit it's Greatest Weakness as a Default Slave to the Rhythm.
Well more like making waves that sends ships our way by hok or crook...ever ready to Surf.
All city access from all trade routes but in evermore relaxed natural flow on add on order!
We Aussies Hot Wire Ports to proportion greater profit for long haul Cargo.
Govt can mandate and rebate all Oz made add ons in the National Interest.
Like a Silky Slick Silk Road or a deeply rooted Route 66 with Duel Road Demon Diners
Like Ye Olde Goldie Glitter Strip before our naughty but nice vice Timeshare Trolley tarnished it!
Check yer Post Office for them easy to break table sized precious bling ornaments for $49.99...
Clerk : " ...let's see that's $1,100 for mandatory Aukus Sub Shaped Pratt Postage Pack!" ...say wot?
We'll...you don't wanna be held liable for yer classy glass shard blinding the purser's ship cat!
Recall PM mandating -90* Covid Freezers for Syringes that blow apart Plungers / Stoppers at -50*
Everyone dips needles into a Gassy sickly lucky Dip Vat of 100x HM / Petro Chems dirty shots!
So maybe not mandate Frozen Supply Chain without a Grade 7 Exploding Freezer Shit Hot Vid!
Seems as if tbb is not the first to dig this up... others have already sign posted Oz no-hopers Hwy
[ The Role of Distance Decay in Estimating Wider Economic Benefits from Agglomeration! ]
https://www.worldbank.org/en/topic/infrastructure/publication/shrinking-...
Does that sound desperate or what...tbb's cup of half empty sour grapes with a dash of bitter lemon
Kind like running a restaurant into the ground along the road to nowhere at the end of the universe!
Can share more intro Oz Logistics Reviews below! See how they Quote tbb's intro Chart above...
So Yes! This is a thing that makes & breaks Oz...little is said thru the media though!
But Recall...Not Feds...nor States but Magnates wheel & deal our GST Supply Line delay / impost.
Magnates decide who bears GST impost on which Project for Longest periods.
Likely explains why 1200 Corps don't pay any GST...if they don't wanna!
Kinda shares that Govt would rather not know Which Mobsters Decide Who goes Broke!
Past / Present / Future Oz Logistics Papers!
Very interesting that Howard saw to run this Logistics review...back in 2006...he knew alright!
He did wanna know Why & What Supply anomalies were Bullying or even delaying his GST take.
https://treasury.gov.au/publication/2006-03-does-distance-matter-the-eff...
https://www.efmlogistics.com.au/blog/navigating-the-logistics-landscape-...
https://www.infrastructure.gov.au/sites/default/files/migrated/infrastru...
Not only is poorlean a racist , she’s also a bully . Lidia playing the victim card to a tee …..again. How did Australia end up with these fruitcakes in the senate ? https://www.abc.net.au/news/2024-11-28/lidia-thorpe-responds-to-extraord...
^^ good work truebluebasher
I see one of last of the liberal moderates is retiring and no doubt his replacement will be another good ole boy or gal FRNJ in Dutton’s image ….
https://www.abc.net.au/news/2024-11-28/simon-birmingham-to-retire-from-p...
is frnj further than rwnj? surely they overlap the lwnjs by now?
or are there a new breed of fc (full circle) njs now?
@Gowsa's Xingjiang avalanche barrel at 0:42:
for salts of the earth, and GOATs:
haters are gonna hate...
but when she speaks, she's usually right
when she's this fired up... she be dead right...
shame shame shame
Let us all ponder that base6, my initial thoughts are there maybe subsets of all groups depending on whether or not the candidate come from north of the Tropic of Capricorn
all this speak of rwnj and the like...
12 months ago, when they were all saying albo is worst PM ever
I thought their claims were ridiculous...
ridiculous partisan rubbish
especially after living through abbott and morrison
but now, with more water under the bridge...
I think they may just might be proven correct
unbelievable to me, but that's how we're tracking...
the dudes a trainwreck
seemingly, an intentional train wreck...
which makes it all the worse.
Kinda wish Rad Punk DJ Albo had just one lick of a square of Milky Bar Cred..
This Mandated USA 3D biometric Scan to read his Diary is gonna cost him the Election...
Nope! Not just tbb saying it...can share the obvious AUKUS Porn sell out backlash...
tbb has often shared for years...he refuses to sign to Team USA...
As a result ...right now...Need Team USA Citizenship / Evil Empire Approval ...
* To watch B1 & B2 on I view
* To be updated on Covid Outbreaks
* To access BOM Cyclone Warnings
* To access Police **Alerts**
* To access Local Council / news
* To access ALL Fed / State MPs
* [Subscribe to Team USA] or Drown before we reveal Location of yer Govt Flood Evacuation Centre
Sick to death of Our Nation being extorted by Yanks to ransom our Priority Govt/Council Services
Important! [ This is extortion of Ransomed Oz Govt Emergency Alerts ]
#1 Terrorist Act = (Life Imprisonment) If yer a Kind Hearted Muslim during Prayer...Back in 5,
Mandated Complimentary Exempted 24/7 Crime for Pure Evil Silicone 6.
Govts : " No mate...these guys are Popular > You're the only one complaining...Subscribe or Die Loser!"
Yeah! Good'O Mate...Thank You for recording my Last Words...I died on your watch! Luv Straya!
Seriously! Well fuck You 2 ...tbb pays over $100/month to be locked out & extorted from 99.9% www.
Want my Emergency Alerts Left on / open 24/7 without The real Joker's Extortion Demands.
Here's What tbb's $100 NBN Security Package Buys in 2024
PM +ALL Govt Alerts {f} Banned [ Subscribe to US Criminal / #1 Oz Public Enemy or Die ]
PM +ALL Govt Alerts X Banned [ Subscribe to US Criminal / #1 Oz Public Enemy or Die ]
PM +ALL Govt Alerts [i] Banned [ Subscribe to US Criminal / #1 Oz Public Enemy or Die ]
That worked Ok when tbb was the only protester of this Extortion...But Guess What?
Someone else gave a shit then another...likely / Maybe 3 or more Aussies got pissed off.
Others are now clocking on...Hey! When did Oz sell out it's online Security Sovereignty to USA?
So 100 years later Oz starts waking up...
So like all / Everything Oz has already been locked out to us Aussies...well durr (Amazing Hey!)
Took the banning of a Cheer Leader before Oz caught on...Oh Gee! This is serious..(OMG!) Really!
Latest blog...just 9 hours ago...verifies Oz is only now catching on...
Here's a small sample of ALP supporters turning backs on Albo...this will cost ALP 10% votes easy.
https://www.reddit.com/r/australia/comments/1h1knwk/driver_licence_digit...
1 : "This is so fucking stupid. I can't believe I Voted for Labor . For this!"
Pointing out Official [Labor] spelling (This ain't no halfwit LNP swing Voter!) That's a real cry 4 help!
2 : "I / Parents/ Uncles/Grandparents all Proud Labor voters (I will NEVER EVER vote for them again!)
Again...Correct Labor spelling = Albo just blew 2,000 years of ALP votes in 2 seconds! Wot?
3 : "I don't want Dutto to win next Election..But ALP are digging themselves a hole they don't need to!"
This guy swears he won't Vote Dutto...but will vote for any other name on the ballot! (Sorry Albo!)
If any reckon the Voice Bled 10% ALP vote well here's anther 10% easy & more tbb reckons..
Other's freedoms is one thing but Albo attacking ALP True Believers credibility = Priceless!
He's Toast! The Dude is so White he don't get he's walking over skulls as he crushes them...Wot!
World Loves Me...Is that So!
He's Fucking Delusional if he thinks we all want Underpants Xrays to read Toto's diary!
ALP Mandatory o/s ID Theft
Govt can't secure o/s I.D. Mandate of infinite corrupted players
ALP are sacrificing Mutton dressed up as Lambs to the Slaughter
(This Plump Seachange Golden Goose is Mine...So Precious! Thanx heaps Albo...can retire now!)
ASIO are having kittens...Preparing for Greatest Boomer Scam Shake down in the Galaxy.
Pause : This is D Day Folks...
All Parties locking in 100% Digital ID = Tracking ALL Silicone 6 Prisoners.
Ain't no more casual Surfing...for Study or Research...
Every Site scanning yer Pulse...Halt! Who goes there Foe or Foe...
Mandatory ID (T&C) Payment Plans...
First Visit Free (Read warning) We call the Cops if ya visit again without yer Iris Scan!
Enjoy yer Visit to ABC Kidz.
"I refuse to surrender ID for a Vid...Fucked if I'm gonna be scanned 1,000 x just to surf Google!"
"Oz queuing up for B&W CCTV Scans to back door safer less pervy North Korean Google!"
ALP now compared to Anti Sex Coalition Wowserz...(Don't Know Vote ALP / LNP both censor shit!)
See! How ALP just surrendered their Trump Card...
Vote ALP to Save the Cheerleader & Save The World (Albo actually thinks Heroes is real)
Wotz New in ID Mandates...Choose from...
Scratch'n'sniff 3D Bio Passports as minimum security to check the weather report...(So cool!)
Underpants X Ray to access www B&W xxx Collin's Class Attack Dictionary. (Stoked!)
Porn/hub will pull out outta Oz...just like they did in all US Rep States...
Be back to them Plastic Wrapped Soiled Servo Mags....Mum...Why's Dad still in the Servo.
Mum : "I'll fuckin' drag him out...You kids just wind up the windows & close yer eyes & say nuthin'!"
Kaboom! Me too love! A fucking Master Class of Masturbators...
Dutto : "Albo is useless, he refused News Ltd free offer to bring back them classy Page 3 Girls!"
Anyhow...Computa says bye bye Albo...Ain't no coming back from Worst Xmas Gift Ever!
Like why ya all think Dutto is goin' all in...Coz he has nothing to lose with Moral Majority Vote.
Albo fell for most stupid bluff ever...World Loves Me & so does Voldemort...Watch by Polls Skyrocket!
tbb motioned for the E harmony Envoy to ban access to this Horrific Site.
It's said that really nice people begin speaking in tongues & vow to do the Devils Bidding.
Spreads nasty rumours like...
61% once cued to see Albo kiss Toto > Now 58% Hate Albo's Guts & entrails.
54% Despised this Pure Evil Villain > Now 45% blow-kiss Pinup Heart throb Voldemort before bed!
Thank God they're only rumours...still...tbb recommends XL Witches Hat Cones to steady yer nerves.
https://en.wikipedia.org/wiki/Opinion_polling_for_the_2025_Australian_fe...
Wokey jokey, lefty looneys
sypkan wrote:haters are gonna hate...
but when she speaks, she's usually right
when she's this fired up... she be dead right...
shame shame shame
sypkan wrote:haters are gonna hate...
but when she speaks, she's usually right
when she's this fired up... she be dead right...
shame shame shame
tick
Online Safety (11th hour) Amendment.
11th Hour Amendment mandates 3rd Party ID permits to plunder ALL Oz citizens Records.
e Harmony Envoy is excused for rubber stamping unfettered unlimited Silicone 6 (Oz Game Park Safari).
Age Verification Bill mandates IT Mobsters to Digitize ALL Oz Citizens Private Govt Records
Albo/Dutto just traded Aussie Digital Records to any Silicone 6 Gurus that will freely Bio Scan Aussies!
Worse than that..they simply need to paste any stupid 16+ alt [I'm an Adult Now] alt option.
Soon as, they can access whole Oz Govt Matrix as there Oyster to dig dirt on User / mates / Work / Teams etc...
63DA Social Media Platforms [ Must not access Govt ID ]
Our heroes [Albo / Dutto] stand firm on that...we'll save You! (Cough!)
Insert (Exemption)
If Social Media Platform intro alt Bio Scans they will be rewarded with Oz Honey Pot...open slather!
Sex Lies Videotape of any Oz CEO ...just put in yer requests for yer targeted 2025 Election Candidate.
https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id...
If any idiot still thinks this is about Teens...then feel free to share where they're mentioned?
Coz they're not are they...So just forget about Saving Xmas.
Prince Andrew is already wanking over yer Pornhub History.
Oz just got played by Yanks slick e Harmony DAVOS envoy...
Please Save the Children...Oh the Humanity!
All Oz Peoples Life History Digitized & traded away for an ALL access [3D Pinterest Porn PASS]
https://www.itnews.com.au/news/gov-clarifies-identity-checks-for-social-...
So precious is DAVOS Youth Peace envoy Princess Julie
Filth will be redistributed & re packaged under premium proportioned Pinterest pampered porn packs
ALP / LNP Traitors will be lucky to poll 2% between them...Slimy Aukus Lizard People they are!
DAVOS Mission Complete...Send ALL World Govt Records to e Harmony envoy...Said Now! Fetch!
https://www.weforum.org/stories/authors/julie-inman-grant/
I wonder if the RBA still has independence after this?
https://www.afr.com/policy/economy/rba-to-undergo-the-biggest-overhaul-i...
"The Reserve Bank board will be split into separate committees for interest rate setting and governance after Treasurer Jim Chalmers struck a deal with the Greens and the Senate crossbench for the biggest overhaul of the central bank in decades.
The passage of the long-stalled bill means Dr Chalmers will have the opportunity to appoint several figures to the powerful new interest rate-setting board before the next election, in a move that may fuel accusations from the Coalition that the government is trying to “stack” the RBA with Labor-aligned appointees."
Banana republic here we come.
Imagine Trump doing this in the US. Everyone would scream fascism! Will anyone complain here? I doubt it.
What are the negatives of it?
Why should we complain?
Hi vj,
As the AFR stated, the changes were recommended by an independant enquiry: Chalmers accommodated the changes requested by the LNP, who later withdrew their support obviously to frustrate the Government. No surprise there, that is standard LNP procedure. And it probably didn’t occur to Angus that he could stack the RBA to suit the LNP should they, by some quirk of fate, suddenly find themselves in Government.
What he didn’t have was the brains to see the Greens and Independants supporting the changes. Good. Fuck him.
The Treasurer has had for many years the power to overrule RBA interest rate decisions. Come February, Chalmers should declare a 100 basis point cut to interest rates. The LNP, being the party of low interest rates, should support it. That would be worth a laugh.
Andy-M the negatives of it are political influence over interest rate decision making. The treasurer can over-rule, but look at those optics. If done by the board (and you picked the board), rates could go where you want them to.
The danger in this, is the temptation of politicians to juice the economy prior to elections, to make themselves look good and get re-elected. There's a very famous rumour of a 1960's US President taking the Fed chair and holding him to a wall and telling him exactly this. If you pick who's on the board, you don't have to be so brutal, to get the same outcome. Economically, if inflation is running hot and you make the board juice it, you have the potential for runaway inflation - which hurts everyone much harder, history tells us. Hence, banana republic.
The board has more legitimacy if it can be seen as independent, and responding to economic data and forecasting rather than what's popular.
Meanwhile, in the UK:
Yep
Nope
velocityjohnno wrote:Andy-M the negatives of it are political influence over interest rate decision making. The treasurer can over-rule, but look at those optics. If done by the board (and you picked the board), rates could go where you want them to.
The danger in this, is the temptation of politicians to juice the economy prior to elections, to make themselves look good and get re-elected. There's a very famous rumour of a 1960's US President taking the Fed chair and holding him to a wall and telling him exactly this. If you pick who's on the board, you don't have to be so brutal, to get the same outcome. Economically, if inflation is running hot and you make the board juice it, you have the potential for runaway inflation - which hurts everyone much harder, history tells us. Hence, banana republic.
The board has more legitimacy if it can be seen as independent, and responding to economic data and forecasting rather than what's popular.
VJ, a sensible enough comment, but some thoughts might put you more at ease about it.
Firstly, the independence of the board remains, it’s just a different board for setting interest rates. This brings it more into line with major overseas democracies and shouldn’t lead to anything other than some more technical and real world experience at RBA board level.
Regarding stacking the board, the government has always appointed the board members. They are also finite terms, they aren’t ongoing positions until they retire or drop off the perch. This has always been the case.
Your comment about Ford in the 60’s isn’t really apposite. In Australia the government directly set interest rates either by fiat or via the head of Treasury for much of our history. Although Costello claims credit for giving the board their independence, that’s a bit of a misreading in that it had already been happening through the Hawke/Keating years. Costello just sent them a letter to say “keep the inflation rate between 2-3%.” Great work Pete, you lazy imbecile.
It was the floating of the dollar that made things really interesting because that then meant that the money market boys could punish the economy if they thought that the interest rates were out of whack. That threat remains over the heads of any country that engages in trade.
The final point to allay any concerns about government fiddling with interest rates is that your comment presupposes that the RBA board is getting it right and has always done, and that is patently untrue. Unfortunately the current mob are stuck in their classical economics cloisters and can’t see the wood, or the trees, or the forest.
Interest rates could and should be eased tomorrow and it will have no detrimental effect on inflation. The current board believe that inflation won’t come down until unemployment goes up, and the only reason for this is a completely discredited theory from the 70’s which believes there is a ‘non-accelerating inflation rate of unemployment’. The inflation rate of the last few years has had nothing to do with the unemployment rate here and still doesn’t.
It’s a crock, a discredited theory from aeons ago that particularly has zero credibility. Note also that the current rate of inflation is within the 2-3% band, but they want their trimmed mean to also get within that range.
And to cap off this economic theory nonsense, there is absolutely nothing magical about the 2-3% target band for inflation. Someone just made it up, there is no science behind it. Worrying about the trimmed mean being 0.4% above an imaginary target range makes no sense at all.
I would suggest that the target band be slightly modified, and that the band be stated in terms of quarterly inflation. I would set it at 0.4% to 0.8% per quarter. Not that there is anything magical about that either, but it would make more sense.
Why? The inflation rate we were experiencing from the September quarter last year is ancient history. Using that as a guide for anything is akin to looking in your rear view mirror while driving forward.
Current economic growth is anaemic at best. Actual per capita growth is barely static or is going backwards. Increasing interest rates or holding them higher than they need to be for longer than they need to be, so that you can have another 70 or 80 thousand people out of work is just crazy economic talk.
Might as well put this up in the politics subforum, to spare the front page. It's 18 months away or so, but here we go.
This is how Dutton wins:
https://www.afr.com/politics/enter-the-liberal-party-working-class-heroe...